ISLAMABAD: Pakistan’s trade deficit decreased by 18.2% in February 2023–24 compared to the same month in the previous fiscal year.
This positive development is attributed to a significant increase in exports and a small increase in imports.
Based on pre-PBS Customs-based data released by PRAL, exports surged by 30% to USD 2.575 billion in February 2023-24, up from USD 1.984 billion in February 2022-23. Moreover, the trade deficit reduced to USD -1.628 billion in February 2023-24, compared to USD -1.990 billion in February 2022-23.
For the period of July to February 2024, exports witnessed a 14.2% increase, reaching USD 20.341 billion in 2023-24 compared to USD 17.815 billion in 2022-23. Conversely, imports declined by 14.1% to USD 34.213 billion in 2023-24, down from USD 39.810 billion in 2022-23. Consequently, the trade balance deficit narrowed to USD -13.872 billion in 2023-24, compared to USD -21.995 billion in 2022-23, as per pre-PBS Customs-based data.
The Government of Pakistan remains dedicated to implementing policies aimed at fostering export-oriented industries, diversifying export markets, and attracting foreign direct investment. These endeavors are expected to further enhance Pakistan’s trade balance in the forthcoming months.
Commenting on this positive trend, Dr. Gohar Ejaz, Minister for Commerce, highlighted, “This marks the third consecutive month with exports approaching 30% growth. They grew by 28% in December, 27% in January, and now in February, they have grown by 30% year on year.” Dr. Ejaz also noted the diversification of exports, citing a 15% increase in Manufacturing & Engineering exports and a 70% increase in Agri & Food exports.
“While this development is encouraging, continued vigilance is necessary. We must maintain our focus on policies that enhance competitiveness and streamline trade processes,” Dr. Ejaz said.
